Mortgage Loans

[Hammer23]

So I closed on my home loan last week. The LO told me they are pretty certian my mortgage will be sold off before my first payment is made. I orginated my loan with Michigan Mutual. 

Who do you think will wind up servicing my loan? Wells? Chase? BoA? 

Thought it would be fun to see what everyone thinks. 

Here are some details on my loan: 

$165K USDA Guarenteed RD loan. 3.75% fixed rate. 

[StartingOver10]

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Hammer23 wrote:

So I closed on my home loan last week. The LO told me they are pretty certain my mortgage will be sold off before my first payment is made. I originated my loan with Michigan Mutual. 

Who do you think will wind up servicing my loan? Wells? Chase? BoA? 

Thought it would be fun to see what everyone thinks. 

Here are some details on my loan: 

$165K USDA Guaranteed RD loan. 3.75% fixed rate. 

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Ummmm, could be any of them!  But I'm going to place my two bits on Wells Fargo. My reasoning is this: Wells Fargo is the largest servicer of mortgages as of the end of 2011 with 17.7% of the market. BOA is next with 17.2%  and then Chase third with 11.4% percent of the market. Of course, it could go to someone else, but the odds are in favor of one of the top three and Wells seems to do better at servicing than actually originating (but that's my own perspective).

[Hammer23]

I was thinking along the same lines with Wells.

I agree they are much easier to service with than orginate with. I tried to go through them direct first because my employer has a discount program with them that waived the orgination fee, but they just took way too long to get back to me. 

I do my banking with Wells, so it would be great if they where the ones to pick it up.

[Ron6262]

   How did you like dealing with Michigan Mutual??  That is who I am dealing with now.  I have waited two weeks for my approval to come back LO says they are slow??

[jules0580]

I am betting on Wells it seems that 99% of them go there anymore. My LO told me when we started the loan app that they were going to sell it to Wells after closing. I also did USDA 3.75%

[webhopper]

My loan was sold to Wells fargo... I've had no issues so far with dealing with them... I did have to make sure that they had all of my insurance documentation on file, somehow when the mortgage was sold to them, the insurance paperwork slipped through the cracks and I got a notice from them that they would force-place insurance if the situation wasn't corrected... they basically had me down in their system as having no insurance on the new house.   Also they were slow with getting set up and paying the insurance bill.  Finally I got State Farm involved, told them what was up, and had them fax over all of the doumentation and get it set up to where State Farm was billing my escrow account with Wells.   

I didn't want to be in a situation where insurance was force-placed on me.

So bottom line, from my experience, make sure that you read and understand everything that comes from the company that buys your mortgage... If you don't understand what its telling you, call them up and pester them until you know what to do.

[Hammer23]

@ Ron

I had no issues with Michigan Mutual. After I sat in underwriting the inital time they where very quick in clearing conditions.

They delivered everything they promised. I have no complaints.

[Hammer23]

So far it seems unanimous opinion is Wells. I'll make sure to let everyone know when I hear something.

[vlaw1084]

Just found out my loan was sold to WELLS FARGO, and that is just fine with me, I already have them as one of my banks. 

[webhopper]

Congrats